Mountain Province Diamonds Announces Guidance for 2026, Fourth Quarter and Full-Year 2025 Production and Sales Results, and Details of its Earnings Release and Conference Call for Fourth Quarter and Full-Year 2025
Press Release
TORONTO, March 9, 2026 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) & (OTC: MPVD) wishes to provide guidance for 2026, as well as production and sales results details for the fourth quarter ended December 31, 2025 (“the Quarter” or “Q4 2025”), and full-year 2025 (“FY 2025”) from the Gahcho Kué Diamond Mine (“GK Mine”) and details of the earnings release and conference call. All figures are expressed in Canadian dollars unless otherwise noted.
2026 Guidance (all figures quoted on a 100% basis unless otherwise specified)
The Company wishes to provide operating and cost guidance for 2026, as follows:
- 23–26 million total tonnes mined (ore and waste ; assuming Tuzo deferral)
- 3.9 – 4.3 million ore tonnes mined
- 3.3 – 3.6 million ore tonnes treated
- 6.6 – 7.2 million carats recovered
- Sustaining Capital Expenditure of $6 million (49% share: assuming Tuzo deferral)
Note. Discussions with De Beers regarding revised operating costs with deferral of Tuzo are on-going. Management will issue production cost per tonne treated and production cost per carat when those costs are finalised.
In addition to these guidance figures, the Company wishes to provide guidance for 2026 carats sold as follows:
- 3.4 – 3.8 million carats sold (49% share)
Q4 2025 and FY 2025 Production and Sales Highlights
- In 2025, approximately 1.9 million carats were sold at an average value of $83 per carat (US$59 per carat) for total proceeds of $155.7 million (US$111.5 million). This compares to 2.7 million carats sold at an average value of $98 per carat (US$72 per carat) for total proceeds of $267.7 million (US$195.2 million) in the full-year 2024 (“FY 2024”).
- Ore mined on a FY 2025 basis was 1.8 million tonnes, just under the lower end of our guidance of 1.9 – 2.2 million tonnes. Ore processed on a FY 2025 basis was 3.52 million tonnes against guidance of 3.3 – 3.5 million tonnes.
- FY 2025 production of 4.33 million carats against guidance of 4.3 – 4.7 million carats.
Jonathan Comerford, the Company’s President and Chief Executive Officer, commented:
Q4 2025 marked the highest carat-producing quarter of the year. This performance was anticipated, as mining activities during the first nine months of 2025 were primarily focused on stripping operations to access the NEX ore deposit. The Company has carried this strong operational momentum into 2026.
On the sales front, a finer assortment of goods held back from previous quarters was sold during Q4 2025. The inclusion of these goods, combined with challenging market conditions, resulted in a lower average value per carat sold compared to prior quarters.
Diamond market conditions remain very difficult, with continued pressure on rough diamond pricing due to uncertainty surrounding U.S. tariffs, geopolitical factors, and the ongoing threat from lab-grown diamonds. In response, the difficult decision was made to suspend the Tuzo Phase 3 project to preserve cash and maintain financial flexibility.
Q4 2025 and FY 2025 Production Highlights (All figures reported on a 100% basis unless otherwise stated)
- 1,861,856 carats recovered during the Quarter at an average grade of 2.15 carats per tonne, 109% higher than the comparable fourth quarter in 2024 (“Q4 2024”: 890,202 carats at 0.99 carats per tonne), noting that grade was 117% higher in Q4 2025. 4,333,792 carats recovered during FY 2025 at an average grade of 1.23 carats per tonne, is 7% lower than the FY 2024: (FY 2024: 4,661,681 at 1.28 carats per tonne), noting that grade was 4% lower in FY 2025, compared to FY 2024.
- 842,805 ore tonnes mined during the Quarter, is a 45% decrease compared to Q4 2024 (Q4 2024: 1,537,423). 1,784,860 ore tonnes mined during FY 2025, is a 67% decrease compared to FY 24 (FY 2024: 5,379,404).
- 864,298 ore tonnes treated during the Quarter, is a 3% decrease compared to Q4 2024 (Q4 2024: 895,587). 3,520,834 ore tonnes treated during FY 2025, is a 3% decrease from FY 2024 (FY 2024: 3,628,501).
- 8,241,493 total tonnes mined during the Quarter, is an 8% decrease compared to Q4 2024 (Q4 2024: 8,989,000). 38,701,114 total tonnes mined during FY 2025, is a 16% increase from FY 2024 (FY 2024: 33,388,905).
Q4 and FY 2025 Production Statistics
|
Q4 2025 |
Q4 2024 |
YoY Variance |
|
|
Total tonnes mined (ore and waste) |
8,241,493 |
8,989,000 |
-8 % |
|
Ore tonnes mined |
842,805 |
1,537,423 |
-45 % |
|
Ore tonnes treated |
864,298 |
895,587 |
-3 % |
|
Diamonds recovered |
1,861,856 |
890,202 |
+109 % |
|
Carats recovered (49% share) |
912,309 |
436,199 |
+109 % |
|
Recovered grade (carats per tonne) |
2.15 |
0.99 |
+117 % |
|
FY 2025 |
FY 2024 |
YoY Variance |
|
|
Total tonnes mined (ore and waste) |
38,701,114 |
33,388,905 |
+16 % |
|
Ore tonnes mined |
1,784,860 |
5,379,404 |
-67 % |
|
Ore tonnes treated |
3,520,834 |
3,628,501 |
-3 % |
|
Diamonds recovered |
4,333,792 |
4,661,681 |
-7 % |
|
Carats recovered (49% share) |
2,123,558 |
2,284,224 |
–7% |
|
Recovered grade (carats per tonne) |
1.23 |
1.28 |
-4 % |
Q4 and FY 2025 Sales Performance
Q4 2025 diamond sales totaled 634,333 carats sold at an average value of $72 per carat (US$52 per carat) for total proceeds of $45.7 million (US$33 million) in comparison to 542,812 carats sold at an average value of $96 per carat (US$68 per carat) for total proceeds of $52 million (US$36.7 million) in Q4 2024. The lower average value per carat sold in Q4 2025 was the result of challenging market conditions and the mix of goods sold, reflecting the sale of a finer set of goods held back from previous quarters.
During FY 2025, 1,880,795 carats were sold at an average value of $83 per carat (US$59 per carat) for total proceeds of $155.7 million (US$111.5 million) in comparison to 2,718,082 carats sold at an average value of $98 per carat (US$72 per carat) for total proceeds of $267.7 million (US$195.2 million) in FY 2024.
Earnings Release and Conference Call Details
The Company will host its fourth quarter and full-year 2025 conference call on Wednesday, March 25th, 2026, at 11:00 am EDT. Prior to the conference call, the Company will release Q4 and full-year 2025 financial results on March 24th, 2026, after-market.
Conference Call Dial-in Details:
Title: Mountain Province Diamonds Inc Q4 2025 and Full-Year 2025 Earnings Conference Call
Conference ID: 34420
Date of call: 03/25/2026
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutes
Webcast Link:
https://app.webinar.net/wqvjeyWlN8L
Participant Toll-Free Dial-In Number: (+1) 888-699-1199
Participant International Dial-In Number: (+1) 416-945-7677
A replay of the webcast and audio call will be available on the Company’s website.
About Mountain Province Diamonds Inc.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 107,373 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat. All resource estimations are based on a 1mm diamond size bottom cut-off.
For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company’s website at www.mountainprovince.com.
For further information: For further information: Jonathan Comerford, President and CEO, (416) 361-3562, info@mountainprovince.com; Steven Thomas, Chief Financial Officer, (416) 361-3562, info@mountainprovince.com
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